The company will issue up to 3,437,500 units at a price of 32 cents per unit for gross proceeds of up to $1.1mln.
Each unit consists of one common share of the company and one-half of one share purchase warrant. One warrant entitles the holder thereof to purchase one share of the company at a price of 40 cents per share for a period of 12 months from the closing of the private placement. The shares issued in connection with the private placement will be subject to a four-month hold period.
The company may pay finders’ fees within the allowable limits of the policies of the TSX-V.
On Wednesday, the company said it intended to expand its first-phase drilling programme at its Unkur silver-copper project from 3,000 metres to up to 5,000 metres and planned to raise $800,000 to $1mln through a non-brokered private placement of units to finance the expanded programme. Read more.
Story by ProactiveInvestors